Fema
This query is : Open
CA Tejas Andharia
(Querist)
07 May 2012
One person who is originally the citizen of India has now got the citizenship of USA and going to settle there forever.
He has sold his agricultural Land in India, the gain of which is not taxable as the agricultural land in india is not capital asset.
The only question in this case is - Whether that person can repatriate such sales proceeds to outside India? How?
He has sold his agricultural Land in India, the gain of which is not taxable as the agricultural land in india is not capital asset.
The only question in this case is - Whether that person can repatriate such sales proceeds to outside India? How?
Vishal D Shah
(Expert)
08 May 2012
Get the proceeds credited to nro account. Remit upto 1 MN usd per financial year.
Assumption made is assessee is Nri, purchased property in inr and property sold to resident Indian.
Cavishalshah@gmail.com
Assumption made is assessee is Nri, purchased property in inr and property sold to resident Indian.
Cavishalshah@gmail.com
Mihir Doshi
(Expert)
08 May 2012
Agree with expert
CA Tejas Andharia
(Querist)
08 May 2012
I want to clarify that he is the person of Indian Origin (PIO). In fact he was Indian Citizen and afterwards he got greencard. I think earlier there was a lock in period of 10 years which has been dispensed with by Govt.
Right?
Right?
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